Kingsway Financial Thanks Kobex Capital Shareholders for Their Strong Support and Assures Shareholders That the Change They are Seeking is Coming Despite Current Board's Entrenchment Tactics

- Kingsway thanks the many Kobex shareholders who have rejected the current self-interested and conflicted board and voted in favour of Kingway's independent and highly qualified nominees

- Kingsway reminds those Kobex shareholders who have not yet voted but want to see long-term value creation at Kobex to vote their BLUE proxy before 9:00 am (EST) on Friday, November 13, 2015

TORONTO, ONTARIO--(Marketwired - Nov. 11, 2015) - Kingsway Financial Services Inc. (TSX:KFS) (NYSE:KFS) reminds those remaining Kobex Capital Corp. (TSX VENTURE:KXM) shareholders who have not yet voted to be part of the Kobex Upgrade to vote their BLUE proxy or voting instruction form to ensure long-term value is created at Kobex.

In order to have their voices heard, remaining shareholders must vote only their BLUE proxy or voting instruction form before 9:00 am (EST) on Friday, November 13, 2015.

"Based on the results so far and the broad, strong sentiment I am hearing from my fellow shareholders, we are highly confident that change is on its way to Kobex starting with a new independent and accountable board," said Larry Swets, President and Chief Executive Officer of Kingsway. "Many shareholders have already voted but to those few who have not yet voted, you should know every vote will count as the current board is trying every entrenchment tactic in the book to stack the vote against you and block the change you deserve. That is why we need your BLUE proxy or VIF submitted well before the deadline. You don't want to wake up and realize you missed your chance to improve your investment at Kobex and receive immediate liquidity."

Kingsway reminds those shareholders who are undecided that only Kingsway has provided the real plan for change and long-term value creation shareholders at Kobex have been asking for. Four simple steps will lead to enhanced shareholder value (all subject to the independent board's business judgement):

1) Reduce Kobex expenses

Reduction of board fees from $34,000 to $10,000 annually

Kingsway principals to provide CEO/CFO services for $1 per day

Eliminate approximately $300,000 annually from excessive spending

2) Establish a liquidity option for Kobex shareholders

Kobex's resources can provide shareholders with an option to get $0.65 for a portion of their holdings. Kingsway will NOT participate in Kobex sponsored liquidity option

Work to increase shareholder communication and understanding of the Net Asset Value (NAV) of Kobex to facilitate better liquidity in the open market

3) Find and execute on investment opportunities

Propose the establishment of a committee of the board to review all investment proposals

Work with our established network and advisors to move expeditiously in proposing opportunities to put Kobex's capital to productive use

Consider mining and natural resource investments as well as other cash flowing opportunities that could be rewarding given Kobex's valuable deferred tax asset

4) Increase the trading value of Kobex's shares

We believe the activity mentioned above will result in meaningfully improved open market liquidity in the stock at higher prices than under the existing board and management

Kingsway believes the rights plan ("poison pill") implemented to protect the existing board should be eliminated, giving other shareholders the ability to purchase shares without the threat of dilution providing more potential demand for Kobex shares

Shareholders should know that the current Kobex board is trying every trick in the book to retain control of your company and spending your money to do so. As recently as yesterday, the Kobex board of directors amended their poison pill to accommodate the trading activities of a shareholder opposed to Kingsway's proposals for change. This is the same poison pill put in place by the Kobex board only last month that prevented shareholders from having all of the shares that they tendered to the Kingsway premium tender offer from being acquired for $0.65.

"The current Kobex board is spending your money to prevent shareholders from selling their stock to the highest bidder, to stop good ideas from being implemented and to prevent qualified people from leading the company. As we head into the final days I encourage all of you who post on SeekingAlpha and other similar sites to help us get our message out: Compare our full detailed plan for change to the current board's commitment to do more of the same. Compare our highly qualified nominees to their conflicted directors. I haven't met one independent shareholder who doesn't believe our plan for change and our nominees are superior," Swets concluded.

It is important you vote your BLUE proxy or voting instruction form before 9:00 am (EST) on Friday, November 13, 2015. Even if you have previously submitted a white proxy or given voting instructions in support of management, you may still change your vote and support Kingsway's recommendations by completing and submitting a BLUE form of proxy or voting instruction form. If you need help voting or have any questions, please call Kingsway's proxy solicitation agent Kingsdale Shareholder Services at 1-855-683-3113 (North American Toll Free Number) or 1-416-867-2272 (collect outside North America) or email at contactus@kingsdaleshareholder.com.

Certain statements contained in this press release constitute forward-looking statements. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Kingsway, Kobex, and Kobex's current or future board or management, are intended to identify forward-looking statements. Such statements reflect Kingsway's current views and intentions with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include, but are not limited to, economic, business and regulatory factors, the implementation of specific initiatives proposed by Kingsway and/or the Kingsway nominees, and other factors that are not within the control of Kingsway. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. Moreover, Kingsway does not assume responsibility for the accuracy or completeness of such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and Kingsway undertakes no obligation to publicly update or revise forward-looking statements, other than as required by applicable law.